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RELEASE The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded. QUITCLAIM DEED A deed of conveyance which operates, in effect, as a release of whatever interest the grantor has in the property; sometimes called a release deed. FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA, OR FANNIE MAE) This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending. ARBITRATION The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law. ACCELERATION CLAUSE A common provision of a mortgage or note providing the holder with the right to demand that the entire outstanding balance is immediately due and usually payable in the event of default. ASSESSMENT A specific levy for a definite purpose, such as adding curbs or sewers in a neighborhood. Individual condominium owners are subject to special assessments benefiting the project as a whole and not funded through regular maintenance charges. POWER OF SALE A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default. |
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